📋 Tender Overview
Scope : To Develop a 12.2-acre Land Parcel in Panchpakhadi in Thane city of Maharashtra
L&T Realty has entered into an agreement to jointly develop a 12.2-acre land parcel in Panchpakhadi locality of Thane, Maharashtra. The project involving rehabilitation of a large layout of slums has a total development potential of over 3.12 million sq. ft. L&T Realty has executed the joint development agreement through its subsidiary, L&T Parel Project.
The current developer Jagdale Infrastructure has received a letter of intent (LoI) from the Slum Rehabilitation Authority in 2022 and L&T Realty will be its partner in the project. As part of the agreement, the real estate development arm of engineering major Larsen & Toubro, L&T Realty will undertake the design, development, construction, marketing, branding, and sale of the free-sale component of this project. It has paid stamp duty towards the registration of the transaction that took place on 07 May, 2024.
The project involving over 20 slum pockets is expected to be completed in five years. The said land parcel is originally owned by the government of Maharashtra. As per a notification in October 2016, the plot was declared as slum rehabilitation area, and the the rehabilitation component to be developed as part of the project is estimated to be over 1.2 million sq. ft.
In addition to its responsibilities towards free-sale buildings, L&T Realty is also expected to oversee the partner’s task of obtaining approvals and construction of rehabilitation. As per agreement terms, L&T Realty, as the lead developer, will get 69 percent share of profits from the project and the balance 31 percent will go to Jagdale Infrastructure.
